Massachusetts

NKF Capital Markets Brokers $96.5M Sale of Office Building in Needham, Massachusetts

by David Cohen August 1, 2018

NEEDHAM, MASS. — NKF Capital Markets has brokered the $96.5 million sale of a 247,542-square-foot office building in Needham. The property, located at 89 A Street, is approximately 12 miles southwest of Boston. The recently renovated building features a two-story lobby, two interior courtyards, a cafeteria and a fitness center. NKF Capital Markets represented the sellers, Normandy Real Estate Partners and Westbrook Partners, in the transaction. MetLife Investment Management purchased the property. The global headquarters of SharkNinja, a household cleaning and kitchen appliance company, anchors the building.

August 1, 2018

Loans Massachusetts Northeast Retail

Fantini & Gorga Secures $10.2M Financing for Two Retail Properties Near Boston

by David Cohen August 1, 2018

LEXINGTON AND WALTHAM, MASS. — Fantini & Gorga has secured $10.2 million in permanent financing for two retail properties in Lexington and Waltham. The Lexington property was built in 2010 and is located at 46 Bedford St. It features 6,698 square feet of retail space, which is fully leased to a tenant roster including Qdoba and People’s United Bank. The property in Waltham was built in 2013 and is located at 1019 Trapelo Road. It features 9,442 square feet of retail space with a tenant roster that includes Starbucks and PhysiciansOne Urgent Care. Fantini & Gorga arranged the long-term, fixed-rate loan for a local real estate investor and developer through a regional financial institution.

August 1, 2018

Loans Massachusetts Multifamily Northeast Seniors Housing

Capital One Provides $47.2M HUD Refinancing for Three Skilled Nursing Facilities in Massachusetts

by David Cohen July 20, 2018

CHELSEA, FALL RIVER, BROCKTON, MASS. — Capital One has provided $47.2 million to refinance a portfolio of skilled nursing facilities in Massachusetts. The three facilities have a combined 512 beds and were purchased as part of a four-facility portfolio in 2016. The properties are Eastpointe Rehabilitation and Skilled Care Center in Chelsea with 195 beds, Southpointe Rehabilitation and Skilled Care Center in Fall River with 152 beds, and Baypointe Rehabilitation and Skilled Care Center in Brockton with 169 beds. Although the borrower was not disclosed, the properties are all listed on the website of The Pointe Group. Joshua Rosen of Capital One originated the transaction. The three HUD loans feature fixed rates and 35-year terms.

July 20, 2018

Healthcare Leasing Activity Massachusetts Northeast

Davis Cos. Arranges 48,700 SF Lease for Pharmaceutical Company at Alewife Research Center in Cambridge

by David Cohen July 20, 2018

CAMBRIDGE, MASS. — The Davis Cos. has arranged a 48,700-square-foot lease for Japanese pharmaceutical conglomerate Eisai Inc. at the Alewife Research Center in Cambridge. Eisai will relocate from its current site in Andover in the first quarter of 2019. Developed by The Davis Cos., the Alewife Research Center is a LEED Silver-certified, 224,000-square-foot laboratory building with ground-floor retail. Located at 35 Cambridgepark Drive, the five-story facility is scheduled for completion by Oct. 1, 2018.

July 20, 2018

Loans Massachusetts Multifamily Northeast

Cornerstone Realty Capital Arranges $58M Construction Loan for Apartment Community Near Boston

by David Cohen July 19, 2018

QUINCY, MASS. — Cornerstone Realty Capital has arranged $58 million in financing for the construction of Quarry Hills Apartments, a 269-unit apartment community in Quincy. The borrower was undisclosed, though Chicago-based owner-operator Equity Apartments lists the property on its website. The community, which is located 11 miles south of downtown Boston, will consist of two five-story residential buildings. Amenities will include two courtyards, a firepit, outdoor kitchen, lounge area, clubroom, fitness center and spa. Cornerstone arranged a construction-to-permanent loan with a fixed rate for the entire term. The loan includes a period of interest-only payments for construction and stabilization followed by a 30-year amortization schedule. The lender was not disclosed.

July 19, 2018

Industrial Loans Massachusetts Northeast

Fantini & Gorga Arranges $2.8M in Financing for Flex Building Near Worcester

by David Cohen July 19, 2018

SHREWSBURY, MASS. — Fantini & Gorga has arranged $2.8 million in first mortgage financing for a 36,660-square-foot flex building located at 910 Boston Turnpike in Shrewsbury. The property is approximately six miles east of Worcester. Derek Coulombe and Lindsay Feig of Fantini & Gorga arranged the 15-year, fixed-rate financing on behalf of the undisclosed borrower through a life insurance company. The property was built in 1985 and is broken up into eight rental units with nine total loading docks. It is currently fully leased to five tenants, which include Jenny B Companies, United Medical Systems and Up, Up and Play Day Care.

July 19, 2018

Development Massachusetts Mixed-Use Northeast Top Stories

Boylston Properties, The Wilder Cos. Secure $324M Construction Financing for Mixed-Use Redevelopment Near Boston

by David Cohen July 18, 2018

BOSTON — Developers Boylston Properties and The Wilder Cos. have secured $324 million in construction financing and joint venture equity for the development of Arsenal Yards, a six-building, mixed-use redevelopment of the former Arsenal Mall in Watertown. HFF worked on behalf of the developers to source institutional investors advised by JP Morgan Asset Management as joint venture equity partners, providing $102 million of equity. HFF also arranged a $222 million construction loan from Wells Fargo Bank. “HFF was able to work closely with the development team to secure a capitalization structure that met their objectives,” says Brett Paulsrud, senior director at HFF. “This redevelopment will dramatically transform the landscape of Watertown, adding a significant amenity base to the area. It will be very exciting to watch this best-in-class partnership create a new destination for surrounding residents and businesses alike.” Located on the site of the former Watertown Arsenal, which predates the Civil War, New England Development opened the mall as Arsenal Marketplace in 1983. In 2013, Boylston Properties and The Wilder Companies purchased the property with the intention of redeveloping it into a mixed-use project. Arsenal Yards is scheduled to open in 2019 and will feature 250,000 square feet of destination shops …

July 18, 2018

Acquisitions Massachusetts Northeast Retail

Marcus & Millichap Brokers $6.2M Sale of Hanover Shopping Plaza in Massachusetts

by David Cohen July 17, 2018

HANOVER, MASS. — Marcus & Millichap has brokered the $6.2 million sale of the Hanover Shopping Plaza in Hanover. The 26,307-square-foot retail center is located at 1422 Washington St. and anchored by Town Fair Tire, Papa Gino’s, D’Angelo and Pearle Vision. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also a limited liability company. The buyer has plans to renovate the property, which was developed in 1975, and lease up the vacant space.

July 17, 2018

Acquisitions Massachusetts Northeast Retail

NKF Capital Markets Brokers Sale of 21,754 SF Retail Center Near Boston

by David Cohen July 12, 2018

MARLBOROUGH, MASS. — NKF Capital Markets has brokered the sale of a 21,754-square-foot retail center in Marlborough. Located at 32-44 Boston Post Road West,The property is approximately 31 miles west of Boston. NKF Capital Markets represented the seller, The Gutierrez Company, in the transaction. A private equity fund managed by Crow Holdings Capital Partners purchased the asset for an undisclosed price. The shopping center is currently fully leased and features a tenant roster that includes 99 Restaurant & Pub, Jersey Mike’s Subs, Marlboro Wine & Spirit Co., Orangetheory Fitness and AFC Urgent Care.

July 12, 2018

Acquisitions Massachusetts Northeast Office

JLL Negotiates $107.7M Sale of Creative Office Campus Near Boston

by David Cohen July 11, 2018

BEDFORD, MASS. — JLL has negotiated the sale of the Xchange at Bedford, a 479,000-square-foot creative R&D and life science campus in Bedford. The property sold for $107.7 million. JLL represented the seller, The Davis Companies, in the transaction. A partnership between Jumbo Capital Management and Sound Mark Partners purchased the eight-building office campus. The Xchange was 89 percent leased to five tenants at the time of sale. The campus is anchored by iRobot’s 272,000-square-foot long-term lease, which runs through 2030. iRobot is an advanced technology company that produces the Roomba Robot Vacuum.

July 11, 2018

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